St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1887-05-07
A WESTERN BOOM.
Improvement ia Trade at ST. Paul
and Other Cities.


NEW YORK, May 6.-R. G. Dunn &
Co.'S Weekly Trade Review says: The
feature of business reports for the past
week is the enormous increase reported
at many Western points. In that sec
ton the interstate commerce act, though
checking trade at some important points,
seems to have produced feeling of eX
traordinary confidence in much larger
number of towns. Other causes, partic-
ularly the speculation IN real estate and
the activity in building, contribute to
swell transactions surprisingly. At Gin
cinnati clearingS show an increase Of 80
per cent. over last year, at st. Louis Ii
per cent, and at Chicago IA, but st.
Paul and San Francisco report gains of
43 per cent. Memphis, st. Joseph and
Peoria exceeding 80 per cent, Indian
Omaha 102 per cent, and Wichita, Kan,
10 per cent. Apart from land trading
and new building, other business has
been remarkably active throughout
that region. Denver notes an increase
i'll yield of precious metals, st. Paul
large output of flour, Cleveland, Cincin-
natl and Milwaukee distinct improve
ment in trade and collections, and the
supply of money seems everywhere
ample. At Memphis the activity noted
is mainly in real estate and building.
Eastern cities do not find a correspond
ing improvement i'll trade. Philadel-
phia exchanges show little increase.
| Large amounts OF capital are going
thence to the West on mortgage loans.
! The boot and shoe business still inn
proves, but the WOOlen manufacture is
| depressed by slow demand for goods
and several New England mills have
stopped or reduced time. The high
prices being paid for new wool at the
| West. it is claimed, will make profitable
manufacture impossible for many. The
dry goods market is quiet, though prices
are well maintained. In the grocery
trade there is much complaint of dull
ness. and sugar has yielded a shade,
spices and tea being dull and molasSeS
steady. In spite of active speculation
is limited. Railroad earnings give
proof that while traffic is large
the increase falls far short of
reported gains in the volumes
of business in the West. The reports
of the railroads for April so far seen
show an average increase of II per cent.
in gross earnings over last year. Wheat
exporting is checked by corner in near
| options, which has advances prices So
cents. Cotton futures for June are also
cornered and have advanced quarter.
Bessemer iron is 80 to rs cents lower at
| Pittsburg. Sales of bar at 2 cents are
not unusual at Philadelphia, and there
are reports of large sales Of pig at con-
cession, while some rail mills are open
for orders at S3S. Already 967 miles of
railroad have been completed, against
6,652 to date last year,and new contracts
| are offered in great variety and large
amount, but the uncertain prospect as
to rates, and respecting the decisions OF
the interstate commerce commission,
affects investments in stock, though
prices have improved little. The
enormous supply of money goes far tC
explain the situation. Not only has the
treasury added about S4,972,000 to the
circulation in April, but the abundance
and cheapness of money in London are
clearly felt here. The business failures
during the last seven days number, fol
the United States, 153; for Canada, 90
total, 1872; against 191 last week, and 10:
for the corresponding week of last year